Assessing the US trade policy will be the primary priority of the Trump administration. It can be recalled that the new American President has regularly tackled the North American Free Trade Agreement (NAFTA) during his campaign period.
In a memo drafted by the billionaire businessman's transition group, essential points of the incoming administration's trade approach have been outlined in a document for the first 200 days of Donald Trump's reign. The contents of the memo have been taken into account on his Contract with the American Voter which is practically the new leader's first 100-day objective.
The real estate mogul will officially assume the presidency on Jan. 20, 2017. Prior to the takeover, it is anticipated that changes will be instituted. The memorandum has unveiled a draft that will supposedly direct the programs to be achieved by the incoming government based on pledges and initial actions before the election.
It is apparent that global procedures surrounding the US trade approach will undergo serious modifications. Years of assuaging policy will be altered based on the interests of the US labor group that includes not only the workers but also their respective companies.
Trump's 200-day platform will consider five key principles. Primarily, the administration will discuss the significance of NAFTA. Within this context, it will be decided if the regional trade organization will benefit the US. Unless renegotiations will pave the way towards better opportunities, a withdrawal will also be an option on the table.
Secondly, the Trans-Pacific Partnership (TPP) will be halted. Trump has pointed out during his campaign that the accord largely benefits other nations, especially within the Asia-Pacific realm. Currently, the TPP is losing support in Congress which means that the new President may no longer have to deal with it.
The next three priorities will tackle on eliminating unequal importation methods, blocking unjust trading practices and establishing bilateral trade transactions.
In addition, Trump will give due attention to the manufacturing sector. It is the intention of the new US leader to bring back the production competitiveness of America which means that adjustments will have to suffice. Important factors to be discussed will include the lowering of taxes and the lifting of restrictions on business and energy sectors.
